I posted over the weekend that it was make or break time for the indexes. It appears that it might be break time. All of the indexes with the exception of small caps (RUT or IWM) issued a consolidation warning at the close today. A consolidation warning occurs when Twitter or StockTwits momentum breaks its confirming uptrend line after a negative divergence with price that lasted more than three weeks. What this pattern shows is traders becoming less bullish, taking profit, adding hedges, etc. as the market moves higher. When the confirming uptrend of momentum is broken to the downside it shows the herd turning bearish in the short term.